The Report records responses to Government reviews of housing supply and long-term fixed-rate mortgages, work on proposals to reform home-buying via the Housing Bill, and the representation of lenders' interests as European and international regulatory developments unfolded.
In a year in which gross lending grew by 24%, the Report records the CML's progress towards making home-ownership more sustainable, its successful introduction of safeguards for buyers of new homes and its lobbying for comprehensive regulation of equity release - a campaign in which success was achieved earlier this month when the Treasury announced proposals to regulate home reversion plans.
The CML also worked to develop new business opportunities for members in 2003. As well as seeking to open up the equity release market, it continued to encourage a sustainable buy-to-let sector and expanded its role in commercial property. Recognition of the breadth of the CML's achievements came when it was voted trade association of the year at the Trade Association Forum's best practice awards.
Commenting on publication of the Report, the CML's director general Michael Coogan said:
"The Report is a record of our busiest 12 months ever. The buoyancy of the housing market gave the industry a particularly high profile, there was a glut of legislative and policy initiatives from Government, and 2003 was the pivotal year for delivering a final set of mortgage rules that we hope will prove to be workable and proportionate. So far, 2004 is proving to be just as busy and challenging as last year, as we continue to represent lenders' interests on a broad range of issues that continue to shape the operating environment."
